Monthly Archives: September 2016

The six-figure transfer value?

the-six-figure-pension-fund-transfer-final-salaryPension scheme deficits have been hitting the headlines again, and not just those of BHS. The overall deficit for private sector schemes covered by the Pension Protection Fund (PPF) was a staggering £408bn in July 2016. This represents an increase of over £170bn in the space of just 12 months!

But the

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HMRC plans another turn of the anti-avoidance screw

head-in-sand-tax-avoidanceHM Revenue & Customs has published a consultation document (August 2016) on adding a new weapon to its anti-avoidance armoury: penalties on so-called ‘enablers’. Its paper examines way of  “strengthening tax avoidance sanctions and deterrents”.

Over recent years, it has been gaining the upper hand in its unending battle with promoters of

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Pensions: too much too soon?

bite sized updatesNo, not (sadly) the title of a new song by 2-tone band, The Specials.

Instead it’s one of the observations made following the publishing of data by the Association of British Insurers (ABI) showing just how much had been withdrawn from pension arrangements in the 12 months to

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Interest rates now at 0.25%…

percentage signThe Bank of England halved its base rate in August 2016 and by the end of the year, it could even be lower still.

In early July, at its first formal meeting after the Brexit vote, the Bank’s interest rate setters (the Monetary Policy Committee) had surprised some economists by

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Protecting your pension

protecting pensionThe surprise Brexit vote has disrupted many plans and timetables. By this stage of the year, for example, we would normally have seen the Finance Bill receiving Royal Assent and becoming a Finance Act.

But this year is no ordinary year and that’s now unlikely to happen until shortly before the

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Property fund lock-ins

Household savingsSeveral major property funds suspended dealings in July in one of the unexpected outcomes of the UK’s vote to leave the European Union.

This has meant that investors cannot cash in their holdings.

Other funds have applied large discounts for those wanting to realise their investment immediately.

Both moves make sense

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